Maybe we don't even need the life insurance or maybe we could reduce what we have, both now and in retirement.

I left the rat race at age 49. I dropped all life insurance at that point. I dropped all but the firm-provided coverage several years earlier. When DW and I reached financial independence, there was no need to pay life insurance premiums any longer. I'm 55 now, still with no life insurance. If either of us died today, the survivor would have the same amount that both of us would have had if neither had died. The insurance racket is just that, a racket. Use term life while you need it, then get the heck away from those blood suckers.